If you are exporting from blender to actionscript directly so you can get your models into flash as script you can use the Blender to .as3 exporter which so kindly supports all flash 3d engines currently Away3D, Papervision3D and Sandy3D. Dennis Ippel made the Blender exporter a while back but the update supports papervision 2.0.

The benefits of COLLADA are nice but there are so many differences that you can run into trouble. With the exporter it is a direct faces and vector export without all the bloat of DAE/COLLADA xml. This works if you are only developing for flash and dont’ need to use the models in other platforms/systems/engines that aren’t in flash.